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Bitcoin touches $58k again as analysts share bearish forecasts

  • Bitcoin fell to lows of $57,700 on Coinbase as prices dipped during the US trading session.
  • Analysts predict further weakness is likely, and here’s what they are saying

At the time of writing, Bitcoin (BTC) traded around $58,486 across major crypto exchanges. However, the digital asset’s price had touched lows of $57,700 on US-based crypto exchange Coinbase amid fresh selling pressure.

Notably, before this latest dump, crypto analyst Miles Deutscher had shared an observation: the last few weeks have seen prices rise during Asian hours and dip during US trading hours.   

“Asia bids, America dumps,” the analyst opined. 

Potential downside to $56k?

CryptoQuant head of research Julio Moreno suggests the $56k area remains key. If the price falls below this, the analyst sees a further weakness. According to Moreno, Bitcoin’s market cycle indicator has flashed bearish again and BTC risks a deeper correction below the demand zone.

“From a valuation perspective, if the price pierces $56K to the downside, risks of a larger correction increase,” the CryptoQuant analyst noted.

Could Bitcoin see $40 next?

Altcoin Sherpa is outright bearish on BTC price. The crypto analyst shared a chart that suggests the dip is likely to extend to $40k.

The last time Bitcoin traded at these levels was in January, when prices retreated from above $46k to revisit $39k. That’s before bulls saw BTC skyrocket amid the halving sentiment and spot Bitcoin exchange-traded funds approval to reach the all-time high above $73k.

BTC price is down 12% in the past month and over -21% since its all-time high in March as of 1:30 pm ET on August 30, 2024.

What about BTC price in September?

Market conditions and events can flip investor sentiment at any time.

However, crypto analyst Ali Martinez suggests September has historically been tough for Bitcoin. This outlook is despite overall projection that the Federal Reserve cutting interest rates could provide tailwinds for risk assets – including cryptocurrencies.

The post Bitcoin touches $58k again as analysts share bearish forecasts appeared first on CoinJournal.

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Binance to support Cardano and Polygon network upgrades

  • Binance will support Cardano and Polygon’s upcoming network events in September 2024.
  • Cardano has its Chang hardfork scheduled for Sept. 1 and Polygon will see its MATIC to POL token transition start on Sept. 4.
  • Binance will delist MATIC trading pairs on Sept. 10 and open POL trading pairs on Sept. 13.

Crypto exchange Binance has announced that it will support the upcoming network upgrades for Cardano (ADA) and Polygon (MATIC).

In separate announcements on Aug. 30, the exchange notified its customers and the broader cypto community that it would support Cardano’s Chang hard fork and Polygon’s MATIC to POL token migration.

Binance to support Cardano hard fork

On September 1, 2024, the Cardano network will activate its highly anticipated Chang hard fork. The upgrade that will introduce voting and treasury systems as part of Cardano’s governance and decentralization initially delayed from an expected implementation date on Aug. 27.

Binance and other exchanges had been unprepared for the hard fork. In a post on X, Cardano founder Charles Hoskinson noted that the delay was to allow these crucial ecosystem players prepare. Exchanges have reportedly reached the required threshold of 85%.

According to an update, the staking pool operators (SPOs) threshold has also been reached. Decentralized applications (dApps) are also ready and a vote to go live is “unanimously” agreed on for Sept. 1.

Binance will disable ADA deposits and withdrawals as part of the support for the hard fork.  

Polygon’s MATIC to POL token swap

Also getting Binance’s support is the upcoming Polygon token migration.

The exchange will delist all MATIC trading pairs on September, 2024 at 03:00 UTC and add support for the new token with ticker POL.  New POL trading pairs will go live on September 13, 2024 at 10:00 UTC, Binance announced.

Polygon expects the MATIC to POL token swap to go live on Sept. 4. Per this earlier announcement, POL will facilitate native gas and staking fuctions on Polygon PoS before expanding to cover other network uses.

The post Binance to support Cardano and Polygon network upgrades appeared first on CoinJournal.